Talent market volatility: The new rules for successful talent management
Presented by Hiretual
With the post-pandemic hiring period already in full swing, there’s still residual instability when it comes to the pace of recovery. The U.S. economy boomed in March with 770,000 new jobs, took a turn for the worse in April — only adding a quarter of the jobs (266,000) that industry analysts predicted, and resumed an upward trajectory in May and June with an estimated 1.4 million new jobs across both months. Paired with inconsistent job growth, labor shortages are keeping companies in industries like healthcare, hospitality, and travel from maximizing their profits during a time where consumers are no longer limited by COVID restrictions.
In order to capitalize on current hiring opportunities and sustain growth beyond market recovery, companies now face added urgency to hire in-demand roles.
But by enriching talent ecosystems with personalized candidate data, leveraging machine learning to assess talent market trends, and prioritizing authenticity during automated candidate engagement, integrated talent management provides recruiters with effective and flexible strategies for navigating market volatility and retaining talent with a new understanding of the modern workforce.
Enriching talent ecosystems with personalized data
In Hiretual’s Recruiting for Recovery report, Applicant Tracking Systems and Candidate Relationship Management Systems (ATS/CRM) ranked as the most useful recruiting tool during the first half of 2021. As teams look to overcome labor shortages, the ATS/CRM can generate a competitive advantage for recruiters through personalized talent pools containing past candidates that are already familiar with their organization.
Take a look at the airline industry for example. During the pandemic, COVID restrictions limited the number of travelers significantly. As a result, nearly 400,000 airline workers were fired, furloughed, or told they may lose jobs, and projects to hire new workers were put on pause. In this case, integrated talent systems would give airline companies the opportunity to capitalize on an ATS or CRM that still held past candidate, applicant, and employee data from the previous 18 months.
At Hiretual, our Talent Data Cloud does this by giving hiring teams a seamless and automated flow of data between our platform and their talent database. With our AI-powered talent sourcing technology, we refresh and enrich existing profiles with up-to-date information, giving employers more visibility on warm prospects who are still unemployed or actively seeking a job. The month of June saw the largest number of travelers in a single day since pre-pandemic times, and sourcing from one’s internal database is a valuable option for finding workers to support those large numbers of consumers.
Opening up channels to find talent
Although record rates of active job seekers are anticipated to enter the market following the pandemic decline, employer competition is still the second biggest concern for talent professionals in 2021. Especially those facing labor shortages, companies will need to separate themselves from competitors more than ever before.
Even before the pandemic began, the health care industry was weathering worker shortages. Similar to the labor restrictions in travel and hospitality, it’s exceedingly challenging to fill open health care jobs when the positions are not flexible in terms of location or remote work options.
George Cobb, a Talent Sourcer at Arkansas Children’s Hospital, faced similar talent shortages during his health care candidate searches. To combat this, he leveraged Hiretual’s Market Insights to gauge the best channels for finding available health care talent in Little Rock, AR. Beyond the best channels, this resource enabled him to uncover key actionable data points, such as:
- The number of professionals who changed jobs within a period of time
- The number of candidates from underrepresented groups who spoke different languages
- Average years of experience professionals had at a particular hospital or health care system
The findings were shared with his hiring managers to align expectations for a more productive search by establishing clear benchmarks of the best channels, employers to target and the amount of time needed to nurture candidates. With his market research on hand, he was able to dive right into sourcing across more than 10 million health care professionals across the open web and health care-specific platforms, using 700-plus filters for medical specialties and other skill-based traits from Hiretual.
Teams across industries can follow George’s lead by gauging the best channels for finding available talent to expand their available talent pool and leveraging those channels during AI-driven contextual searches and outreach.
Automated engagement with authenticity
Finding the talent to fill labor shortages is one issue, but effectively engaging with them is even more difficult. According to our Recruiting for Recovery report, engaging with candidates was the second-highest hiring challenge for talent professionals. Key problems include difficulty finding the right way to contact candidates, and talent losing interest and dropping off communication entirely.
Data intelligence-based automation streamlines candidate engagement across the open web — enabling recruiters to quickly find, engage, manage, and rediscover candidates from multiple channels on one centralized platform. The centralized approach makes it easier to measure results, identify patterns, and alleviate engagement congestion. Through bulk engagement, sequence email templates, email delegation, and candidate-based email tracking, these solutions handle the heavy lifting of candidate engagement while increasing the chances of a candidate response.
On average, recruiters who use email delegation on Hiretual have seen a 2X increase in response rates. In addition, email sequences have boosted response rates among our users by up to 3X compared to single emails. Yet even with those automated functions, recruiters will have to craft outreach that’s relevant to the candidates they reach out to — showcasing the values of their organization and using the streamlined information from sourcing to convey why that individual candidate is a perfect fit for a position.
Capitalizing on talent market trends
There’s no denying that advanced technology is shaping the future of recruiting and hiring. Above all, A.I.-powered integrated talent management simplifies the most complex hiring challenges associated with post-pandemic market volatility. It provides the means for companies to overcome labor shortages and employer competition while building their tech stack and database for future hiring. It empowers recruiters to achieve high levels of productivity unlike ever before.
The companies that invest in A.I.-powered integrated talent management today will be the winners of tomorrow. It’s time to replace outdated legacy mindsets with a forward-thinking approach that embraces innovation as a tool for sustained success. Newfound opportunities exist within digitized recruiting and hiring practices.
Will you capitalize on them?
Steven Jiang is CEO/Co-Founder of Hiretual.
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